Fuel prices across the country were hiked again on Tuesday, partly wiping away the gains accrued by consumers due to tax cut implemented by the centre and state governments.
Retail price of Petrol in the national capital was increased by 23 paise to Rs 82.26 per litre on Tuesday. Similarly, retail price of diesel was hiked by 29 paise to Rs 74.11 per litre in the national capital. Oil Minister Dharmendra Pradhan yesterday at an event in New Delhi said that fuel prices continue to remain a challenge for India.
The central government had on Thursday announced its decision to cut retail prices of petrol and diesel by Rs 2.50 per litre, of which state-owned oil marketing companies (OMCs) were directed to bear Re 1 of the cut.
Also, the state governments of Uttar Pradesh, Madhya Pradesh, Assam, Chhattisgarh, Himachal Pradesh, Jammu and Kashmir, Jharkhand, Gujarat, Uttrakhand, Tripura, and Goa responded to Jaitley’s call to reduce taxes on fuels and initiated a Rs 2.50 per litre cut on VAT on petrol and diesel, which effectively reduced the price of both the fuels by Rs 5 per litre. Read More